Mayo Clinic will extend its reach to China under a joint venture agreement that will establish a company in Beijing to improve healthcare delivery and efficiency.
Under the JV, Beijing-based investment firm Hillhouse Capital and Rochester, Minn.-based Mayo will invest capital to fund the new company, which was not named. Rushu (Robert) Luo, a senior investment officer at Mayo Clinic and a graduate of Beijing Medical University, will serve as acting CEO of the new Beijing-based entity.
Under the collaboration, Mayo Clinic will leverage its capabilities in medical technology and management and combine them with Hillhouse's strong in-country knowledge. Detailed terms of the agreement were not disclosed.
"We are excited to collaborate with Hillhouse to provide Mayo Clinic knowledge and guidance to improve the quality of healthcare to the people of China," said Paul Limburg, MD, medical director of Mayo Clinic Global Business Solutions. "Our collaboration with Hillhouse extends Mayo Clinic's reach and is at the core of Mayo Clinic's mission to inspire hope and healing to people everywhere."